VALIDATORS GROUP

Bitcoin has failed to maintain its uptrend and is currently testing the major support area of $59,000-$60,000, which was expected earlier. This is a crucial zone for BTC, and a break below $59,000 will likely bring about panic and more selling in the market. Therefore, keeping a tight stop loss in all open positions is recommended. The next good support level will be in the $50,000-$53,000 area. The news about CZ's 4-month imprisonment is the reason for this dump.

The altcoin market cap (TOTAL2) has once again reached the support area, signaling a potential opportunity for accumulation before the next move. Consider accumulating your favorite altcoins during this period of consolidation.

Sharks and whales are engaged in a fierce battle to unload their Bitcoin holdings. According to Glassnode data, wallets ranging from under 1 BTC to over 10k BTC are collectively offloading BTC, marked by red sell-offs, while green indicates accumulation. The current phase reflects that of August to October 2023 when BTC price consolidated around $26-27k before soaring to $73k. This correction is pivotal to alleviate the FOMO built over months, fostering a healthier market for sustained growth.

ETH Analysis: ETH is currently trading within a falling wedge pattern, with the price testing a significant support area. Expect potential sideways movement near the support area. Falling wedge patterns typically signal bullish trends and often break out in an upward direction. Keep an eye on ETH for a potential bullish breakout.

According to Glassnode, Ethereum's supply on exchanges is steadily decreasing, outpacing even Bitcoin's decline. Investors are actively accumulating long-term ETH positions, signaling strong bullish sentiment. With this trend, Ethereum could emerge as a frontrunner in the upcoming altcoin rally!

Bitcoin experienced a surge in its value because BTC ETF trading began on the Hong Kong exchange. However, the price is currently unable to surpass the triangle and is now cooling off. It remains to be seen whether the price will be able to move towards the $64,000-$65,000 level or not. The support and resistance levels remain the same.

Bitcoin broke the triangle pattern in a downward direction, indicating a possible move towards the major support area of $59,000-$60,000. However, the market remains relatively unchanged and continues to move sideways.

Bitcoin Dominance has fallen below the significant 55% level and is now breaking below the uptrend line. This break below the uptrend line suggests a positive trend for altcoins. If BTC remains steady within a particular range, we can expect to see an ongoing upward movement in altcoins.

Monitoring the monthly dilution rate of Short-Term Holder (STH) Supply due to Long-Term Holders (LTH), sorted by transaction profitability, provides invaluable insights. The consistency of the mean over time suggests that the "scarcity" factor remains unchanged, offering a fascinating perspective on market dynamics.

Educational Post Moving Average Ribbon The moving average ribbon is a combination of multiple moving averages of different lengths. A ribbon can consist of four to eight SMAs, but the exact number may vary depending on individual preferences. The intervals between the MAs can also be adjusted to suit various trading environments. For instance, the default ribbon consists of four SMAs, with 20, 50, 100, and 200 periods. This trading strategy involves tracking the expansions and contractions of the moving average ribbon. For instance, an expanding ribbon, where shorter moving averages are moving away from the longer ones during price increases, suggests a strengthening market trend. Conversely, a contracting ribbon, where moving averages converge or overlap, suggests a consolidation or pullback.